Trouble With Late Construction
I signed a FAR/BAR contract last July for a SFH in Port Charlotte. After hurricane Charley the house suffered some damage. Instead of repairing the house in the time the contract specifies or giving me the insurance money the owner is constantly pulling my leg. I finally gave in and signed an addendum last November specifying what should be done by her and when. I allowed ample time due to the special circumstances. She agreed that she would have the pool cage rebuilt within six months but that did not happen. She now tells me it would be done by this October. Am I entitled to damages because I cannot use the pool? Can I go ahead and give the pool cage job to somebody else and she has to pay for it? Opinions, please!
Are you living in the house now? Should have waited if you already moved in.
If this is your primary residence, you may lose tax deduction on interest payment if the house is under a business entity.
If this is investment property use both. Setup and Land Trust and choose a business entity as the beneficiary of your land Trust.
It is true. Have a talk with an attorney. Talk about what you are confortable with. It all depends on your situation. Are you trying to protect it from your spouse or everyone. You can claim the tax deduction.